By Joshua Burd
Procida Funding & Advisors has unveiled a new consulting and services platform for clients such as developers, financial institutions and private equity funds.
The firm, which is based in Englewood Cliffs, says it’s drawing on decades of experience to provide services that are centered on development, construction, bankruptcy, restructuring and marketing. In the last 90 days alone, the company has completed assignments such as dispute resolution and development management, debt restructuring and portfolio valuation
“When times are good, no one needs help working out debt or distressed situations,” said William “Billy” Procida, the firm’s CEO and president. “However, economic fluctuations are inevitable. When businesses, their creditors and other parties are faced with complex and time-sensitive decisions involving the purchase, sale, or restructuring of assets and liabilities, we are positioned to meet each client’s specific needs.”
Procida Advisors recently helped resolve open issues for an overseas client, which was involved in a dispute with an operating partner and ongoing litigation over two waterfront multifamily projects in North Miami Beach, Florida. The issues included obtaining a certificate of occupancy, evaluating ongoing construction defects, insurance claims and getting the property stabilized and income-producing, which the firm addressed by essentially acting as the owner’s development representative.
Also recently, Procida advised an owner of a medical and office portfolio with underperforming assets in northern New Jersey, New York and Florida, negotiating with a special servicer to discuss the restructuring and modification of $100 million of existing debt. The firm said it looked to leverage extensive prior restructuring and advisory roles to amend the medical operating companies and increase net operating income.
When it comes to portfolio valuation, the firm also represented a regional bank to complete a competitive market analysis of several real estate loans in the New York City metro market. According to a news release, the Procida team evaluated market feasibility, projected income and offered opinion of value, while it continues to monitor the ongoing performance of the loan portfolio.
Procida, whose career goes back to the early 1980s, also touted advisory services such as executive placement and human resources, along with “secret shopping” and asset review.
